Swiss private bank Julius Baer is reportedly deliberating over whether to pick up the wealthy clients of an embattled Irish stockbroker.
Zurich-based Julius Baer is emerging as a potential suitor for Davy, a Dublin-based stockbroker which hired Rothschild to advise on a sale this week amid a government bond-trading scandal, according to «The Currency» (behind paywall). The Irish outlet didn't disclose from where it had gleaned the information.
Julius Baer is especially interested in a book of wealthy private clients at Davy, the publication reported. Davy is reeling from a record fine by Ireland's central bank after an inquiry found irregularities in a 2014 bond deal. It is wholly-owned by its management, staff, and former employees. A spokesman for Julius Baer didn't comment to finews.com.
Antsy For Deals
The Swiss bank has a small Irish wealth management business in Dublin, inherited from its 2012 purchase of Merrill Lynch's private bank outside of the U.S. Separately, Julius Baer maintains a handful of staff in Dublin for fund administration. Julius Baer's U.K. boss, David Durlacher, has quietly built the U.K. business, including in Northern Ireland, in recent years.
CEO Philipp Rickenbacher is eager to hit the acquisition trail after a regulatory time-out on larger deals, finews.com reported last month. The «Irish Times» on Wednesday reported that Bank of Ireland, one of the country's biggest four banks, had already made «exploratory» advances to Davy.
